Article originally appeared on dailycaller.com.
President Joe Biden unveiled his new budget proposal with several Democrat wish-list items, including his 2021 campaign promise to increase the corporate tax rate to a whopping 28%. This increase would make American corporations pay one of the highest rates among other nations in direct economic competition and undoubtedly burden the American worker.
Biden’s 2021 promise to cancel the Trump-era tax cuts for corporations (set to expire in Dec. 2024) has been largely blocked by the GOP-held U.S. House of Representatives. However, Biden included them in the new budget proposal in hopes they’ll now be implemented.
While Biden claims the new tax rate is only to raise much-needed revenue and ensure corporations pay their fair share, economists have long predicted that an increased corporate tax would be paid through hardships on the American worker and consumer.
“The budget would significantly raise …
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